According to recent findings, the Global InsurTech Market size is projected to grow at a CAGR of around 35% during the forecast period, i.e., 2024-30.
At MarkNtel Advisors, we continuously monitor and analyze industry trends to provide reliable insights that support informed decision-making and the key factors contributing to the market's promising outlook.
InsurTech Overview:
The market is driven principally by an increasing inclination of insurance companies toward digitalization to yield operational efficiency while providing services like faster claim processing, an automated claims process, enhanced coordination amongst parties, and improved communication platforms, among others, to their customers.
These functions are done effectively with the help of technologies like Artificial Intelligence (AI), Machine Learning (ML), predictive analysis. Therefore, insurance companies worldwide are increasingly utilizing InsurTech solutions in their business models to reduce insurance rates, quickly detect prevent fraud, minimize underwriting costs, enhance billing capabilities, provide specialized insurance to their clients, thereby driving the global market.
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InsurTech Outlook and Market Opportunity:
Emerging Economies Displaying Untapped Potential – Several developing countries worldwide are displaying a plethora of opportunities for the leading players in the Global InsurTech Market to expand their reachability and offerings across various insurance companies and encourage them to adopt new business models to deliver enhanced services policies to their customers.
Young, tech-savvy people who are at ease with digital adoption and mobile technology are common in emerging economies. This makes them ideal candidates for easily accessible mobile-first InsurTech solutions. Furthermore, when developing nations' economies expand, so does their disposable income, opening up a bigger market for prospective insurance buyers. This creates opportunities for microinsurance and other reasonably priced products catered to various income brackets.
Moreover, initiatives for digital transformation and financial inclusion are also being actively promoted by a large number of emerging economies. This entails assisting with the creation of InsurTech solutions, improving the regulatory landscape, and encouraging collaborations between established insurers and digital entrepreneurs. Thus, the presence of all these positive factors in emerging economies offers a good volume of opportunities for the growth of the InsurTech industry.
Global InsurTech Segmentation Analysis:
By Technology
- Block chain
- Cloud Computing
- Internet of Things (IoT)
- Machine Learning (ML)
- Artificial Intelligence (AI)
- Drones
According to reports, The ‘Cloud Computing’ segment has acquired a substantial share of the Global InsurTech Market in recent years.
By Deployment Mode
- On-Premise
- Cloud
By Application
- Life and Accident Insurance
- Health and Medical Insurance
- PC Insurance
- Commercial Insurance
- Insurance Administration and Risk Consulting
- Annuities
According to reports, The Health Medical Insurance segment has acquired a substantial market share in recent years is anticipated to continue in the same trend during the forecast period.
By Region
- North America
- South America
- Europe
- Middle East Africa
- Asia-Pacific.
According to reports, North America dominated the market with the largest share in recent years and is anticipated to prevail in the same trend during the forecast period.
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Some of the Market players in the Global InsurTech are:
- Trov, Inc.
- Oscar Insurance
- Policy Bazaar
- Quantemplate
- Clover Health Insurance
- Tractable
- Anorak Technologies
- Majesco
- Cytora Ltd.
- Zhongan Insurance.
InsurTech Recent Development:
- In August 2023, DXC Technology Company, disclosed a new multi-year arrangement to provide end-to-end support for a component of ATT's IT infrastructure operations. ATT's midrange IT infrastructure, comprising enterprise compute, storage, backup, and recovery environments, will be managed by DXC. In addition, DXC will oversee the maintenance and design of the hardware in these settings, as well as the databases, storage, and systems.
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Key Highlights of the Report – Unlock Valuable Market Insights
- Market Size, Share Future Projections – Understand the current market dimensions and forecasted growth trajectory.
- In-Depth Pricing Analysis – Get clarity on pricing trends and cost structures across segments.
- Company Strategies Developments – Discover recent mergers, acquisitions, partnerships, and innovations.
- Key Stakeholders Value Chain Insights – Identify the main players and their roles within the industry ecosystem.
- Import Export Dynamics – Analyze global trade flows, regional export trends, and supply chain movements.
- Competitive Benchmarking – Gain a clear view of the leading companies and their market positioning.
- Emerging Growth Opportunities – Spot untapped areas and niche markets for potential investment.
- Market Trends Growth Drivers – Stay ahead with insights into evolving consumer behavior and industry indicators.
Research Methodology Summary
A systematic approach is used to ensure accurate market insights, combining both bottom-up and top-down methods. Data triangulation validates findings from multiple angles.
Key Steps:
- Define objectives and research design
- Collect data through surveys and interviews
- Analyze and validate data using reliable tools
- Forecast trends and deliver actionable insights
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